Tax Watch: The Other Tax Deadline

3/31/2014 11:17AM

Americans who don’t enroll in healthcare by Monday's deadline could get a second hit in their wallets: a tax penalty of $95 or up to 1% of household income next year when those uninsured file their tax returns for 2014. MarketWatch’s Jonnelle Marte joins MoneyBeat. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... Americans don't enroll in health care budget deadline could get a second day in The Wall ... that's because the government is set to impose a tax penalty ... of ninety five dollars were up to one percent of household income next year when those uninsured file their tax return for two thousand fourteen ... Michael wants to know Martin is unique and as the de tails thank you for joining us to whining soaps are going ... you know what what is it just looks like O Healthcare dot Gov is down a little bit factory so ... really good timing them ... it's been so smooth sailing so far ... pity that so that in the way so here we have to have that second hit on this is it ... well you don't have insurance that you get a hidden tax on ... exactly so everybody knows dairy if you don't know you should know today is the final day in official final date to sign up for private insurance plan ... and the will because the health reform law is being implemented through the tax code a lot of people may not realize that this is that in a way of tax ... deadline ... and is a few reasons for that you already mentioned the penalty which ... could eat into your taffy for next year if you don't have insurance so ... if you want to get the process for it to a ... survey you can try to get a pad ... and avoid this penalty that that's that's obviously cheaper than uniting five dollar ... fee is much cheaper than paying for health insurance but obviously he gets it this is ... this is just the double win because you can have health care bills and this other tax writer I am not a lot of people don't understand that it's not just going to be an effect on easy to be up to one percent of your income which can be a lot more ... anyone that also be cheaper than insurance that you have to keep in mind what if something goes wrong ... those costs would have piled up ... and the penalty if you decide to pay the penalty you can think long-term old for a lifetime he can awful pile up ... this is the August you were just two weeks away from town seasons while ... I'm in this is just the latest in Europe is a very complicated tax option we have here or there are other things in the coming days people should be to be looking and Hakim is beginning to ... sort people fifteen deadline ... and as I was ... a lot to keep in mind at ten am I it's a mansion with the with the Hafiz that ... in some ways you may be leaving soon get tax free in and and be turning it on the phone because ... I see you qualify for subsidies ... that is money that would be added to your tax returns as well at the end of the year so we'll just wanna be sure the year taking care of herself off lives ... on and then in the next couple of weeks of course if you haven't files ... you want to file and if you need more time you should review requesting an extension ... in just a pretty easy to get ... and then as we know we did a circle back to the ... dishes with ... and indeed the tax hit on the insurer will Properties their insurance if you don't get in ... on ... its resort look through zoo is re were from ... our commensurate with the shutdown of the website and maybe potentially delaying the aisle farther along with us I think they ... used to doing we heard any word yet from losses on the sharks so of course you know it the last eighty where expecting that they weren't ... that there would be a safe and that I can visit their website my puts out ... so the good news is that that big giving you more time if you try this planet is a new debt stock ... they announce I think that they're giving out these ... hardship exemptions for people and what that really does is it buys you more time ... so you can check online the U N he started to sign up by it by midnight Tuesday ... and and they do they have a mechanism in place where you can come